The Preakness Stakes, the second jewel of the Triple Crown, takes place every May at Pimlico Race Course in Baltimore. Positioned between the Kentucky Derby and Belmont Stakes, it’s a crucial race for any horse chasing racing immortality.
With a $2 million purse and a field of top 3-year-olds, the stakes are high. Whether you’re a seasoned bettor or a casual fan, the Preakness offers plenty of excitement-from legendary finishes to thrilling betting opportunities.
In this guide, you’ll find the top horses to watch, simple betting insights, and what’s new for the 2025 race. Curious who might claim the Black-Eyed Susans this year? We break down the latest odds, highlight key contenders and dark horses, and share smart tips to help you enjoy this iconic event.
Key Takeaways
- Journalism (8-1 odds) is the early favorite after a big win streak.
- The Preakness is the second race in the Triple Crown series.
- There are 39 individual horses plus an “all others” bet in the future wager.
- Betting opens May 2 and closes before the Kentucky Derby on May 3.
- Learn about top contenders, how to bet, and what’s new for 2025.
Who Are the Top Horses to Watch in the 2025 Preakness Stakes?
With so many talented three-year-olds, which horses stand out? Let’s break down the top contenders and what makes each one special.
1. Journalism (8-1): The Early Favorite
Journalism is the 8-1 morning-line favorite for the 2025 Preakness Stakes. Trained by Michael McCarthy, this colt has won his last four races, including the Grade 1 Santa Anita Derby on April 5. That’s a big deal—winning a top-level race shows skill and heart. Journalism is also likely to be the favorite for the Kentucky Derby, which tells us just how talented he is. He’s a son of Curlin, a famous racehorse known for stamina and speed.
2. Cornucopian (10-1): The High-Priced Prospect
Cornucopian is a $1.1 million yearling, which means people had high hopes for him from the start. Trained by Bob Baffert, one of the most successful trainers in Triple Crown history, Cornucopian won his debut at Oaklawn Park in February. Though he finished fourth as the favorite in the Arkansas Derby (G1), his earlier performance keeps him on the radar.
3. Baeza (12-1): The Consistent Contender
Baeza finished second in the Santa Anita Derby, just three-quarters of a length behind Journalism. With John Shirreffs as his trainer, Baeza is regarded as a “Derby also-eligible,” which means he has a good chance of making the Kentucky Derby field. If he skips the Derby, he could be fresher for the Preakness—a possible advantage.
4. Pay Billy (15-1): The Automatic Qualifier
Pay Billy earned his spot in the Preakness by winning the Federico Tesio Stakes at Laurel Park on April 19. Trained by Michael Gorham for RKTN Racing, Pay Billy is a son of Improbable. Horses that win the Tesio often go on to surprise at Pimlico, so don’t count him out.
5. Other Notable Horses in the Field
Several other horses are listed at 15-1 odds, including Clever Again, River Thames, Sandman, Sovereignty, and Gosger. While they may not be favorites, mid-range and longshot contenders often play a big role in shaking up the Preakness results. Could one of these be this year’s surprise?
2025 Preakness Stakes Field and Odds Overview
Let’s look at the full list of horses and their morning-line odds. This will help you spot favorites, value bets, and possible longshots.
| Horse Name | Odds | Trainer | Notable Details |
| Journalism | 8-1 | Michael McCarthy | Santa Anita Derby winner; 4-win streak |
| Cornucopian | 10-1 | Bob Baffert | $1.1M yearling; won debut; 4th in Arkansas Derby |
| Baeza | 12-1 | John Shirreffs | 2nd Santa Anita Derby; Derby also-eligible |
| Pay Billy | 15-1 | Michael Gorham | Federico Tesio winner; automatic Preakness berth |
| Clever Again | 15-1 | Not specified | — |
| River Thames | 15-1 | Not specified | — |
| Sandman | 15-1 | Not specified | — |
| Sovereignty | 15-1 | Not specified | — |
| Gosger | 15-1 | Not specified | — |
| Caldera | 20-1 | Not specified | — |
| Heart of Honor | 20-1 | Not specified | — |
| Hill Road | 20-1 | Not specified | — |
| Instant Replay | 20-1 | Not specified | — |
| Poster | 20-1 | Not specified | — |
| Rodriguez | 20-1 | Not specified | — |
| Tappan Street | 20-1 | Not specified | — |
| Voldemort | 20-1 | Not specified | — |
| Others | 30-1+ | Not specified | Many at 30-1, 40-1, or 50-1 odds |
| All other 3yos | 50-1 | — | Mutuel field (all other horses not named above) |
How to Bet on the 2025 Preakness Stakes: Insights and Strategies
Ready to try your luck with 2025 Preakness Stakes betting? Here’s how you can place your bets on the Preakness—plus some tips to help you make smarter picks.
Future Wager Pool Details
- When can you bet?
The Preakness 150 future wager opens at noon ET on May 2 and closes at 6:00 p.m. ET on May 3—about an hour before the Kentucky Derby. - How much do you need to bet?
The minimum is $2, with an 18% takeout (house fee). - Where can you bet?
All major advance-deposit wagering platforms will offer the pool. - What can you bet on?
Choose from 39 individual horses or the “all others” group.
Understanding Win Wagering and Pool Structure
A “win wager” means you’re picking the horse you think will finish first. If your horse wins, you get paid based on the final odds. The pool collects all the win bets and pays out after taking the 18% fee.
How to Read Program Odds
The odds are set by experts and published by Horse Racing Nation. These odds show how much you might win for every $1 you bet. For example, 8-1 means you get $8 for every $1 if your horse wins.
Tips for Betting on the Preakness Future Wager
- Check recent form: Horses like Journalism and Baeza have been finishing strong in big races.
- Look at trainers: Bob Baffert (Cornucopian) and Michael McCarthy (Journalism) have great records in Triple Crown races.
- Find value: Mid-range odds like Pay Billy (15-1) or even the “all others” field (50-1) can pay off big if you spot a hidden talent.
- Watch the Kentucky Derby: Horses that run well in the Derby often become Preakness favorites. But sometimes, a fresh horse that skipped the Derby can surprise everyone.
What to Watch for as Race Day Nears
The 2025 Preakness Stakes is shaping up to be an exciting race, with Journalism leading a talented group of contenders. Whether you’re betting on a favorite or searching for a longshot, keep an eye on recent form, trainer trends, and fresh faces. Stay tuned for updates as race day gets closer.